ProShare Advisors LLC Cuts Stake in Iridium Communications Inc (IRDM)

ProShare Advisors LLC lessened its holdings in Iridium Communications Inc (NASDAQ:IRDM) by 30.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,208 shares of the technology company’s stock after selling 10,000 shares during the quarter. ProShare Advisors LLC’s holdings in Iridium Communications were worth $256,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Amalgamated Bank lifted its position in shares of Iridium Communications by 2.5% in the second quarter. Amalgamated Bank now owns 11,437 shares of the technology company’s stock worth $126,000 after purchasing an additional 284 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Iridium Communications by 1.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 18,380 shares of the technology company’s stock worth $177,000 after purchasing an additional 340 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Iridium Communications by 1.2% in the first quarter. Arizona State Retirement System now owns 41,934 shares of the technology company’s stock worth $405,000 after purchasing an additional 500 shares in the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Iridium Communications by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 33,300 shares of the technology company’s stock worth $368,000 after purchasing an additional 500 shares in the last quarter. Finally, Mason Street Advisors LLC lifted its position in shares of Iridium Communications by 7.2% in the first quarter. Mason Street Advisors LLC now owns 18,837 shares of the technology company’s stock worth $182,000 after purchasing an additional 1,258 shares in the last quarter.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings results on Thursday, July 27th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.01. Iridium Communications had a net margin of 27.14% and a return on equity of 8.68%. The business had revenue of $111.60 million during the quarter, compared to the consensus estimate of $109.18 million. During the same quarter last year, the firm posted $0.22 EPS. Iridium Communications’s revenue was up 2.2% compared to the same quarter last year.

A number of brokerages have recently commented on IRDM. ValuEngine raised shares of Iridium Communications from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 1st. BidaskClub raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Drexel Hamilton reissued a “buy” rating and issued a $14.00 price objective on shares of Iridium Communications in a research report on Thursday, August 31st. TheStreet lowered shares of Iridium Communications from a “b” rating to a “c+” rating in a research report on Thursday, August 17th. Finally, Zacks Investment Research raised shares of Iridium Communications from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a research report on Wednesday, September 27th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $12.50.

In related news, COO S. Scott Smith sold 135,000 shares of Iridium Communications stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $10.51, for a total value of $1,418,850.00. Following the completion of the sale, the chief operating officer now owns 309,000 shares of the company’s stock, valued at approximately $3,247,590. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 6.40% of the company’s stock.

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Iridium Communications Profile

Iridium Communications Inc is engaged in providing global satellite communications services and products. The Company offers mobile voice and data communications services through satellite, and provides communications services offering true global coverage. It provides services to businesses, the United States and foreign governments, non-governmental organizations and consumers through its satellite network, which has over 70 in-orbit satellites with in orbit spares and related ground infrastructure.

Institutional Ownership by Quarter for Iridium Communications (NASDAQ:IRDM)

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